The Goa Urban Co Op Bank Personal Loan: Personal loans can be seen as a form of installment credit. It is different from a credit card because a personal loan makes a one-time payment of cash to borrowers. The money is borrowed for a certain amount of time, and borrowers pay back the borrowed amount plus interest in regular, monthly installments over the “term” of the loan.
Goa State Co-operative Bank Personal loan comes to one’s rescue when one is short of money and Goa State Co-operative Bank personal loan interest rate added on to the borrowing amount is to be returned by the borrower.
Goa Urban Cooperative Bank limited interest rates are competitive with the market. It is very easy to access the Goa Urban Co-operative Bank personal loans, and they are granted so fast that many people take personal loans often to meet expenses.
Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.
The Goa Urban Co Op Bank
- What is Goa Urban Bank Co-op Personal Loan
- Features and Benefits of Goa Urban Bank Co-op Personal Loan
- Eligibility Criteria for Goa Urban Bank Co-op Personal Loan
- Documents required for Goa Urban Bank Co-op Personal Loan
- How to apply for Goa Urban Bank Co-op Personal Loan
- Reasons for Goa Urban Bank Co-op Personal Loan rejection
What is Goa Urban Bank Co-op Personal Loan
The Goa Urban Co-Op Bank Ltd is a Co-operative bank that has its foundations in India. The bank has its headquarters in Mumbai. The Goa Urban Co-Op Bank Ltd was founded on 26-01-1889. The bank currently has a total of 16 branches all over India.
It provides various financial services to its customers namely saving deposit, recurring deposit, savings deposits, PPF accounts, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, net banking, mobile banking, RTGS, NEFT etc.
Features and Benefits of Goa Urban Bank Co-op Personal Loan
- Maximum loan amount: The borrower can avail of the full amount of loan allowed by the bank. This helps a lot in crises when someone requires a substantial amount of money and wants to avail of a Personal loan.
- Multiple loan repayment options: In the Goa Urban Bank Co-op Personal Loan scheme, the borrower doesn’t need to pay back the borrowed amount just via money; one can also use different payment methods like mortgaging something of equivalent value.
- Fast & easy processing of personal loan applications: The Goa Urban Bank Co-op Personal Loan has one of the quickest processing times for personal loans. As personal loans are taken out mainly during an emergency where one needs money the fast processing is a lifesaver.
- Quick loan approval: If a person’s submitted documentation and papers are in order Goa Urban Bank Co-op Personal Loan has the fastest loan approval system helping its customers tackle emergencies with ease.
- The bank does not insist upon a guarantor: The approval of the personal loan does not need another person as guarantor to be present and to be held accountable if the borrower fails to pay for the money.
- Attractive & competitive interest rates: A personal loan of a certain amount of money borrowed for a particular time will charge the borrower an interest rate of thirteen to thirteen and a half percent. However, this interest rate changes with the amount of money borrowed and the time that it is borrowed for.
- The Offers special schemes and discounts for employees of large companies: Goa Urban Bank Co-op Personal Loan offers special schemes with a more extended time for a personal loan to employees of big MNC companies.
- Usually, no security is required for availing the personal Loan: No security payment or mortgages for a sense of security for the personal loan is asked of by the bank for the Personal loan.
Eligibility Criteria for Goa Urban Bank Co-op Personal Loan
- Age: 21 to 58 years.
- The borrower needs to be a permanent employee of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies, and reputed establishments.
- Salaried / Self – Employed with regular income.
- The borrower has to be employed for a minimum period of three years to be eligible for the loan
Documents Required for Goa Urban Bank Co-op Personal Loan
- The signed and filled up personal loan application form with the necessary details. One must also make sure that the details the borrower has filled in are accurate.
- Photographs of the passport size need to be submitted to the bank branch along with the signed loan application. Mostly the bank requires more than one copy of the current photograph.
- Proof of identity for the person who is asking for the loan. Viable proofs of identity include Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card.
- The borrower has to provide proof of his income, i.e. his salary certificate along with the latest salary slip.
- Proof of income- Income Tax Returns of 2 previous financial years (for other than salaried individuals)
- Proof of Address – Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- Bank Statement or Bank Pass a copy of the PassBook of the bank one has an account in having entries of the last six months.
How to Apply for Goa Urban Bank Co-op Personal Loan
Online Method
One can apply for Goa Urban Co-Op Personal Loan by following these easy steps detailed below.
- Step 1: Visit the bank website, find the personal loan option, and select the option for Goa Urban Co-Op Personal Loan. Click on apply, and a new screen will open.
- Step 2: A new screen will open, which is essentially a form. The form needs to be filled up with essential details like name, address and other personal information.
- Step 3: After putting in the personal details, one has to click on apply for loan. After this, a new window opens where one has to put in other essential information like account numbers and the documents needed for loan approval. Finally, after double-checking the information, click on submit to submit your loan demand.
Offline Method
It is not just the online method via which one can apply for a loan. For the offline method, the borrower needs to visit any Bank branch, fill out the form with all the essential required details, and submit it with whatever documents are required.
Reasons for Goa Urban Bank Co-op Personal Loan rejection
- Poor Credit Score: Credit Score defines the borrower’s credibility to repay the loan, and thus a low credit score will lead to cancellation of loan proposal.
- Higher size of existing debt: A borrower’s loan application can be rejected by the bank if the borrower already has a big existing debt.
Thus, this concludes the article detailing personal loans and, in particular, Goa Urban Co-Op Personal Loan. It is very integral to understand the basics and intricacies of the methods to apply for personal loans. This article details a few of the important things to know and understand in order to apply for a personal loan.
The information about personal loans is not just limited to this article. One must always read carefully the terms and conditions a specific bank puts out before applying to it for a loan.